Perpetual System Journal Entries Buyer (Purchase entries)
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4 Terms
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Purchase of Inventory
Dr. Inventory
Cr. Accounts Payable/Cash
2
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Purchase Returns & Allowances
Dr. Accounts Payable
Cr. Inventory
3
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Freight Costs
Dr. Inventory
Cr. Cash
4
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Purchase Discount
DR. Accounts Payable
Cr. Cash
Cr. Inventory
Note 
Flashcards (39)